Maricopa County’s $4.46 billion interim budget includes property tax rate cut
PHOENIX — The Maricopa County Board of Supervisors on Monday unanimously approved an interim budget that would increase spending while lowering the property tax rate.
“Our goal with this budget is to provide some relief to individuals and families facing rising costs,” Board Chairman Bill Gates said in a press release. “To do this, we are reducing property tax rates at all levels.”
The overall size of the FY2023 draft spending plan is approximately $4.46 billion, about $950 million more than the current year’s budget, and includes $435 million in funding Federal American Rescue Plan Act.
The state’s largest county’s property tax rate is set to drop for the second straight year, to just under $1.25 per $100,000 of assessed value, nearly 10 cents lower than the rate of fiscal year 2022 by just over $1.34. The rate was just above $1.40 for 2021.
NEW: The Board approves the draft budget for fiscal year 2023 to address the rising cost of goods and services. Strong points:
👉 Reduces the property tax rate
👉 Repays pension debts
👉Invests in affordable housing, workforce development, etc.
— Maricopa County (@maricopacounty) May 16, 2022
Gates said KTAR News 92.3 FM’s The Mike Broomhead Show Tuesday that the projected 8% decline is the largest in county history.
The draft budget covers 126 capital improvement projects in the Phoenix metro area, including the renovation and expansion of the county election center and a new animal shelter in the East Valley.
The plan also includes funds for affordable housing projects, rental assistance, workforce development and support for small businesses.
“I am especially proud that this council has committed funds to help historically marginalized groups as well as those who may be struggling for the first time in their lives to pay all their bills,” said Supervisor Steve Gallardo, the only Democrat advice. The version.
“As government, we are an essential part of our community and where we can help, we should.”
After a public comment period, the oversight board is due to vote on finalizing the plan on June 20.